EU announces new sanctions against Russian oil refining and "shadow fleet"

The new package of European Union sanctions against Russia, expected to be approved on 16 November by EU foreign ministers, will include Russian oil refining businesses and structures associated with Russia's "shadow fleet".

"Next Monday [16 November], EU foreign ministers are poised to adopt further listing measures on oil refineries and the shadow fleet ecosystem. This is yet another round of hard listings targeting the malicious attempts of enablers and profiteers of Russia's war of aggression," European Commissioner for Financial Services Maria Luís Albuquerque, said in the European Parliament.

Albuquerque recalled that at the same time, the European External Action Service and the European Commission are finalising preparations for proposals regarding a new, 22nd package of sanctions against Russia.

European Pravda's sources in the EU said the 22nd package will be ready by the end of November.

The commissioner also said that, to date, the EU had included over 690 shadow fleet vessels in the sanctions lists, denying them access to EU ports and the provision of services. She added that they had cut off significant parts of the Russian financial sector, forcing it to rely on alternative payment channels, and had introduced measures to limit those as well, noting that they had by then imposed transaction bans on over 100 Russian banks.

"Sanctions work, and Moscow knows it. They have cost Russia over €1 trillion that it could have otherwise spent on the war," she added.

Albuquerque added that the European Union will continue to coordinate its sanctions policy with international partners, particularly within the G7, to enhance the effectiveness of restrictions and counter circumvention.

French Minister for European Affairs Benjamin Haddad confirmed that on Monday the EU will introduce sanctions restrictions against 50 banks operating in Russia. He added that France itself proposed including the majority of these entities in the list.

On 11 November, EU member state ambassadors at a meeting of the Committee of Permanent Representatives (Coreper) preliminarily agreed to add 145 individuals and legal entities to the sanctions lists against Russia.

On 12 October, EU foreign ministers approved sanctions against nearly 1,600 people linked to Russia's military industry, more than half of whom are involved in ballistic missile production.